- Best Forex Brokers
- Best Forex Demo Accounts
Best Forex Demo Accounts
|Rank||Broker Name||Trust Score||Reviews|
|1||London Capital Group||99 / 100||London Capital Group Reviews|
|2||XM||99 / 100||XM Reviews|
|3||Xtrade||94 / 100||Xtrade Reviews|
|4||Plus500||89 / 100||Plus500 Reviews|
|5||InstaForex||80 / 100||InstaForex Reviews|
The above table contains the top ranked forex brokers in our database for opening a demo account.
What is a forex demo account?
Demo accounts allow you to trade under real life market conditions but using virtual currency. Typically, brokers will allow you a demo account with $50,000 to $100,000 of virtual money.
If you are looking to try your hand at forex trading but without committing real money, the demo account is for you. Almost all forex brokers offer demo accounts but they all vary in sizes and restrictions. We have assessed the brokers in our database to score them in the following categories:
- Virtual currency flexibility – Whether you get to choose how much virtual currency to start with
- Competitions – If there are competitions with prizes on offer using demo accounts
- Restrictions – Whether there are any time restrictions for use of the demo account
- Realness – Whether the demo trading account mirrors real market conditions
Why beginners should start with a forex demo account
It’s easy for forex beginners to get caught up in the excitement of jumping straight in to real money trading and overlook one of the most important aspets of forex trading which is discipline.
Even if you have experience in trading stocks, forex is a different game and will often catch unsuspecting traders off guard with the sudden and in some cases very volatile price movements.
Therefore, spending at least a month on a demo forex account is highly recommended. You also need to get used to the trading platform that you end up chooing, which most likely will be MT4 or MT5. Being able to correctly configure and use the trading platform will allow you to avoid mistakes when placing trades.
All traders at some point in their careers have made a mistake in operating their chosen trading platform so you are much better off making that mistake with a demo account and virtual money that you don’t have to pay back.
Some brokers offer demo trading competitions
Yes, playing with demo money isn’t as nearly as exciting when you make a good trade but it’s all part of an important learning process for forex trading. However, if you look around you will find that some brokers run competitions based on demo account that actually give away real money prizes.
If you find and participate in those, you will have a chance at being rewarded for your efforts trading on a demo account.